Thailand Greenlights Inaugural Bitcoin ETF for Highnetworth and Institutional Investors
Thailand’s First Spot Bitcoin ETF Approved by SEC
Thailand’s Securities and Exchange Commission (SEC) has given the green light to the country’s inaugural spot Bitcoin exchange-traded fund (ETF). The approval was granted to One Asset Management (ONEAM), making Thailand the latest country to support regulated Bitcoin investment vehicles.
The ONE Bitcoin ETF Fund, set to be distributed between May 31 and June 6, will be accessible only to affluent and institutional investors. This decision follows the Thai SEC’s recent amendments to local guidelines, allowing for restricted Bitcoin ETFs targeting professional investors. It is anticipated that this move will pave the way for broader mainstream adoption of Bitcoin in Thailand once public offerings become available.
ONEAM intends to invest the fund in 11 major global Bitcoin funds to ensure strong liquidity and security. By doing so, the company aims to provide exposure to Bitcoin within a regulated framework, addressing risks such as theft associated with direct cryptocurrency ownership.
Pote Harinasuta, chief executive of ONEAM, highlighted the potential of digital assets as an alternative investment, stating,
“While ONEAM has secured the SEC’s approval, another Thai firm, MFC Asset Management, is still awaiting regulatory clearance for its own planned Bitcoin ETF product. Both offerings will be restricted to qualified investors, in line with the Thai SEC’s guidelines.
Thailand’s approval of a spot Bitcoin ETF follows similar moves by other countries around the world. In January, the US SEC approved several Bitcoin ETFs, sparking a surge in interest from investors. Since then, jurisdictions such as Hong Kong, Australia, and the UK have also launched spot Bitcoin ETFs or comparable products.
The emergence of these regulated investment vehicles provides an easy and secure way for professional investors and institutions to gain exposure to Bitcoin’s price movements without the need to handle the cryptocurrency directly. By offering a regulated avenue for Bitcoin investment, these ETFs are expected to attract more institutional capital and foster broader mainstream adoption of cryptocurrencies.
The Thai SEC’s decision to approve a spot Bitcoin ETF also reflects the growing demand from local institutions to add Bitcoin allocations to their portfolios. As the cryptocurrency market continues to mature and gain recognition from regulators worldwide, the approval of such investment products is seen as a crucial step towards legitimizing Bitcoin as an asset class.
However, the Thai authorities have also taken steps to balance the promotion of the crypto ecosystem with fraud prevention measures. The SEC has been directed to compile a list of unauthorized cryptocurrency platforms, which will be blocked following court approval. The regulator has acknowledged the potential impact on users and announced a grace period to allow them to manage and withdraw their assets from these unauthorized services.
Thailand has previously adopted crypto-friendly policies, such as exempting crypto trading gains from the 7% value-added tax and permitting local investment in U.S. spot Bitcoin ETFs. However, the country has also maintained strict controls, requiring crypto custodians to have contingency plans in place.
